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  2. Perfect competition, monopolistic competition, oligopoly, and monopoly
    Four basic types of market structure characterize most economies: perfect competition, monopolistic competition, oligopoly, and monopoly. Each of them has its own set of characteristics and assumptions, which in turn affect the decision-making of firms and the profits they can make.
    Market structure is a crucial notion in economics. Market structure in economics are categorized based on the competition level and the nature of the market. The four main types are perfect competition, monopolistic competition, oligopoly, and monopoly.
     
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